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AN ACT
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relating to the centennial parks conservation fund. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Title 3, Parks and Wildlife Code, is amended by |
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adding Chapter 21A to read as follows: |
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CHAPTER 21A. CENTENNIAL PARKS CONSERVATION FUND |
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Sec. 21A.001. DEFINITIONS. In this chapter: |
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(1) "Fund" means the centennial parks conservation |
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fund established under Section 49-e-1, Article III, Texas |
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Constitution. |
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(2) "Trust company" means the Texas Treasury |
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Safekeeping Trust Company. |
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Sec. 21A.002. ADMINISTRATION AND MANAGEMENT OF FUND. (a) |
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The centennial parks conservation fund is a trust fund held outside |
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the treasury by the trust company and administered by the |
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department for the purpose of the creation and improvement of state |
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parks. |
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(b) The trust company shall hold and invest the fund, taking |
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into account the purposes for which the money in the fund may be |
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used. The overall objective for the investment of the fund is to |
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maintain sufficient liquidity to meet the needs of the fund. |
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(c) The expenses of managing the fund and its assets shall |
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be paid from the fund. Except as otherwise provided by this chapter |
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and Section 49-e-1, Article III, Texas Constitution, money in the |
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fund may not be used for any other purpose. |
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(d) In managing the assets of the fund, through procedures |
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and subject to restrictions the trust company considers |
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appropriate, the trust company may acquire, exchange, sell, |
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supervise, manage, or retain any kind of investment that a prudent |
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investor, exercising reasonable care, skill, and caution, would |
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acquire or retain in light of the purposes, terms, distribution |
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requirements, liquidity requirements, and other circumstances of |
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the fund then prevailing, taking into consideration the investment |
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of all the fund assets rather than a single investment. The fund |
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may be invested with the state treasury pool and may be pooled with |
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other state assets for purposes of investment. |
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(e) The department shall provide the trust company with a |
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cash flow forecast at least annually, and more frequently as |
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appropriate, to ensure the trust company is able to satisfy the |
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objectives specified by Subsection (b). |
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Sec. 21A.003. REQUEST FOR DISTRIBUTION. The department may |
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request from the trust company a distribution from the fund for the |
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purpose of acquiring real property in this state for the creation |
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and improvement of publicly accessible state parks. |
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Sec. 21A.004. REQUIRED APPROVAL OF ACQUISITION. (a) The |
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department must submit to the Legislative Budget Board a request |
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for approval of a proposed acquisition of real property under this |
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chapter before the property is acquired. |
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(b) A request to the Legislative Budget Board under this |
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section shall be considered approved on the 30th day after the date |
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the request is submitted unless the request is approved or |
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disapproved before that date. |
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Sec. 21A.005. PROHIBITED EXPENDITURES. Money in the fund |
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may not be used: |
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(1) to pay salaries, employee benefits, costs |
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associated with employee benefits, or administration, operating, |
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or program costs of the department; or |
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(2) for the maintenance or operation of state parks. |
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Sec. 21A.006. EXPENDITURES SUBJECT TO AUDIT. All |
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expenditures by the department under this chapter are subject to |
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audit by the state auditor. |
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Sec. 21A.007. STRATEGIC PLAN. The department shall include |
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in each strategic plan submitted under Section 2056.002, Government |
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Code, a report on each acquisition funded using money in the fund |
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during the two-year period preceding the date on which the |
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department submits the plan. |
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SECTION 2. This Act takes effect January 1, 2024, but only |
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if the constitutional amendment proposed by the 88th Legislature, |
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Regular Session, 2023, providing for the creation of the centennial |
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parks conservation fund to be used for the creation and improvement |
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of state parks is approved by the voters. If that amendment is not |
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approved by the voters, this Act has no effect. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I hereby certify that S.B. No. 1648 passed the Senate on |
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April 20, 2023, by the following vote: Yeas 26, Nays 3. |
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______________________________ |
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Secretary of the Senate |
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I hereby certify that S.B. No. 1648 passed the House on |
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May 16, 2023, by the following vote: Yeas 120, Nays 19, one |
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present not voting. |
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______________________________ |
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Chief Clerk of the House |
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Approved: |
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______________________________ |
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Date |
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______________________________ |
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Governor |